U.S. Global Investors, Inc. Watch

from 10-K 4 pages Promissory Note Loan # 38739571-09 Effective Date April 12, 2020 Loan Amount $441,756 Interest Rate a Fixed Rate Equal to One Percent (1.00%) Per Annum Maturity Date April 12, 2022 Borrower US Global Investors Inc. Lender Texas Capital Bank, N.A. 1. Promise to Pay. in Return for the Loan, Borrower Promises to Pay to the Order of Lender the Amount of Four Hundred Forty-One Thousand, Seven Hundred Fifty-Six and No/100 Dollars, Plus Interest on the Unpaid Principal Balance, and All Other Amounts Required by This Promissory Note. 2. Definitions. Certain Terms Are Defined Within This Promissory Note. Additional Defined Terms Are as Follows: 3. Payment Terms. Borrower Must Make All Payments at the Place Lender Designates. the Payment Terms for This Promissory Note Are as Follows

from 10-K 19 pages Chase Credit Agreement

from 10-Q 3 pages Whereas, the Borrower Executed a Line of Credit Note Dated as of February 26, 2009 in the Original Principal Amount of One Million and 00/100 Dollars ($1,000,000.00), (As Same May Have Been Amended or Modified From Time to Time, the “Note”) as Evidence of an Extension of Credit From the Bank to the Borrower, Which Note Has at All Times Been, and Is Now, Continuously and Without Interruption Outstanding in Favor of the Bank; And, Whereas, the Borrower Has Requested and the Bank Has Agreed That the Note Be Modified to the Limited Extent as Hereinafter Set Forth in This Agreement; Now Therefore, in Mutual Consideration of the Agreements Contained Herein and for Other Good and Valuable Consideration, the Parties Agree as Follows: 1. Accuracy of Recitals. the Borrower Acknowledges the Accuracy of the Recitals Stated Above. 2. Definitions. Capitalized Terms Used in This Agreement Shall Have the Same Meanings as in the Note, Unless Otherwise Defined in This Agreement. 3. Modification of Note. 3.1 From and After the Effective Date, the Provision in the Note Captioned “Promise to Pay” Is Hereby Amended as Follows: The Date on Which the Entire Balance of Unpaid Principal Plus Accrued Interest Shall Be Due and Payable Immediately Is Hereby Changed From May 31, 2011 to May 31, 2012

from 10-K 3 pages Whereas, the Borrower Executed a Line of Credit Note Dated as of February 26, 2009 in the Original Principal Amount of One Million and 00/100 Dollars ($1,000,000.00), (As Same May Have Been Amended or Modified From Time to Time, the “Note ”) as Evidence of an Extension of Credit From the Bank to the Borrower, Which Note Has at All Times Been, and Is Now, Continuously and Without Interruption Outstanding in Favor of the Bank; And, Whereas, the Borrower Has Requested and the Bank Has Agreed That the Note Be Modified to the Limited Extent as Hereinafter Set Forth in This Agreement; Now Therefore, in Mutual Consideration of the Agreements Contained Herein and for Other Good and Valuable Consideration, the Parties Agree as Follows: 1. Accuracy of Recitals. the Borrower Acknowledges the Accuracy of the Recitals Stated Above. 2. Definitions. Capitalized Terms Used in This Agreement Shall Have the Same Meanings as in the Note, Unless Otherwise Defined in This Agreement 3. Modification of Note. 3.1 From and After the Effective Date the Provision in the Note Captioned “Promise to Pay” Is Hereby Amended as Follows: The Date on Which the Entire Balance of Unpaid Principal Plus Accrued Interest Shall Be Due and Payable Immediately Is Hereby Changed From May 31, 2010 to May 31, 2011

from 10-K 3 pages Whereas, the Borrower Executed a Line of Credit Note as Evidence of Indebtedness in the Original Face Amount of One Million and 00/100 Dollars ($1,000,000.00), Dated June 3, 2005 Owing by the Borrower to the Bank, as Same May Have Been Amended or Modified From Time to Time (The “Note”), Which Note Has at All Times Been, and Is Now, Continuously and Without Interruption Outstanding in Favor of the Bank; And, Whereas, the Borrower Has Requested and the Bank Has Agreed That the Note Be Modified to the Limited Extent as Hereinafter Set Forth; Now Therefore, in Mutual Consideration of the Agreements Contained Herein and for Other Good and Valuable Consideration, the Parties Agree as Follows: 1. Accuracy of Recitals. the Borrower Acknowledges the Accuracy of the Recitals Stated Above. 2. Modification of Note. 2.1 From and After the Effective Date, the Provision in the Note Captioned “Promise to Pay” Is Hereby Amended as Follows: The Date on Which the Entire Balance of Unpaid Principal Plus Accrued Interest Shall Be Due and Payable Immediately Is Hereby Changed From February 1, 2008 to February 1, 2009

from 10-K 3 pages This Agreement Is Dated as of February 1, 2007, by and Between U.S. Global Investors, Inc. (The “Borrower”) and Jpmorgan Chase Bank, N.A. (The “Bank”), and Its Successors and Assigns. the Provisions of This Agreement Are Effective on the Date That This Agreement Has Been Executed by All of the Signers and Delivered to the Bank (The “Effective Date”). Whereas, the Borrower and the Bank Entered Into a Credit Agreement Dated June 3, 2005, as Amended (If Applicable) (The “Credit Agreement”); and Whereas, the Borrower Has Requested and the Bank Has Agreed to Amend the Credit Agreement as Set Forth Below; Now, Therefore, in Mutual Consideration of the Agreements Contained Herein and for Other Good and Valuable Consideration, the Parties Agree as Follows: 1. Defined Terms. Capitalized Terms Not Defined Herein Shall Have the Meaning Ascribed in the Credit Agreement. 2. Modification of Credit Agreement. the Credit Agreement Is Hereby Amended as Follows: 2.1 From and After the Date of This Agreement, the Provisions in the Credit Agreement Under Section 3.5 Captioned “Financial Reports” Subsection “A” Is Hereby Amended to Read as Follows: A. Within Sixty (60) Days After Each Quarterly Period, Publicly Traded 10-Q Reports. 2.2 From and After the Date of This Agreement, the Provisions in the Credit Agreement Under Section 3.5 Captioned “C” and “D” Are Hereby Deleted. 2.3 From and After the Date of This Agreement, the Provision in the Credit Agreement Under Section 4.2 Captioned “I. Current Ratio” Is Hereby Deleted

from 10-K 22 pages Bank1one a Division of Jpmorgan Chase Bank, N.A. Notice of Final Agreement Dated as of June 3, 2005 To: U.S. Global Investors, Inc

from 10-K ~5 pages Second Loan Amendment

from 10-K ~5 pages First Loan Amendment

from 10-K405 ~20 pages Loan Agreement Dd. February 1, 2001, Between Company and Bank One

from 10-K ~5 pages Term Loan Facility